Type
Communication dans des actes de colloque publiés
Titre
Reflections on the Fiscal Theory of the Price Level
Dans
33rd Konstanz Seminar on Monetary Theory and Policy
Auteur(s)
Éditeur
Institut für Internationale Wirtschaftspolitik
Pages
1 - 14 p.
Nom de la conférence
33rd Konstanz Seminar on Monetary Theory and Policy
Date(s) de la conférence
2002-01-01
Lieu de la conférence
Konstanz, ALLEMAGNE
Résumé
EN
In a world in which consumers correctly expect that both Ricardian and non-Ricardian policy regimes are possible in the future, the fiscal theory of the price level is valid, yet the price is indeterminate. This result does not rely on imposing that the initial stock of nominal bonds be strictly positive, and it does not require a surprise ex post revaluation of nominal assets.

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